Why is there both Visa & Mastercard? What's the F'n difference?

[theanimala]

I can understand having a visa card and an Amex. Or perhaps a Mastercard and a Discover. What I don't get is Visa vs Mastercard. Every store that accepts one accepts the other. If they don't take one, they won't take the other. WTF is the difference? Why not just reduce the number of nonsense in my life by one friggin credit card?

I'm sure that having these cards makes no difference to anyone in their life (as my own), but I just don't get what seems to be an unneccessary naming of the same product.

 

[aphex]

Coke Pepsi?

 

[boyRacer]

they're not exactly the same entity.

 

[DaveSimmons]

Originally posted by: aphex
Coke Pepsi?

Exactly, the corporate overlords of each are different, even though some bank might offer you both.

Why is there more than one brand of anything?

 

[theanimala]

Originally posted by: bR
they're not exactly the same entity.

They are not exactly the same, then why is there no difference? I mean if there was a difference I could see both existing. Merc vs BMW, both similar but different, each with their own following. At this point (in my mind) make Visa / Mastercard the same damn thing...

 

[Sid59]

ill take a wild guess ...

it's all about getting consumer money!

 

[fredtam]

overseas

 

[Kelvrick]

Hear about the thing between Walmart and Mastercard? Last I saw, Walmart wasn't all pissy at Visa.

 

[jagec]

Originally posted by: aphex
Coke Pepsi?

Yes, but you don't go to a vending machine and get one of each.

 

[Black88GTA]

Ford/Chevy? AMD/Intel? Best Buy/Circuit City?

Without direct competition (Discover and AMEX don't count, since they're not nearly as widely accepted), there would be a monopoly, and MC/Visa (whichever one was left) would have free reign to jack up interest rates. charge higher fees, cut back on benefits, etc. because people wouldn't want to give up their cards.

 

[Linflas]

Originally posted by: Black88GTA
Ford/Chevy? AMD/Intel? Best Buy/Circuit City?

Without direct competition (Discover and AMEX don't count, since they're not nearly as widely accepted), there would be a monopoly, and MC/Visa (whichever one was left) would have free reign to jack up interest rates. charge higher fees, cut back on benefits, etc. because people wouldn't want to give up their cards.

All the examples you mention there are obvious differences for consumers to see. In the case of Visa/MasterCard there do not seem to be any discernable differences at the consumer level so I think the question is valid. Personally I have never been anyplace that does not take both if they take either one which is a clear difference to me between MC/Visa and all the other cards but that really does lead you to wonder what the difference between the 2 cards are other than name and ownership.

 

[axelfox]

Eh, you just have to carry MC or Visa if everywhere accepts both.

 

[mugs]

Originally posted by: theanimala
I can understand having a visa card and an Amex. Or perhaps a Mastercard and a Discover. What I don't get is Visa vs Mastercard. Every store that accepts one accepts the other. If they don't take one, they won't take the other. WTF is the difference? Why not just reduce the number of nonsense in my life by one friggin credit card?

I'm sure that having these cards makes no difference to anyone in their life (as my own), but I just don't get what seems to be an unneccessary naming of the same product.

Mastercard and Visa do not issue your credit cards, a bank does. I have a Visa card because it gives me good cash back on Amazon.com purchases (issued by BankOne). I have a mastercard because it gives me 5% cash back on gas, groceries, and drug store purchases (issued by Citi)

I also have another Visa issued by FirstFinancial that I keep because it's my oldest card.

 

[boyRacer]

They're different... one was bankamericard and the other was mastercharge about 50 or so years ago... just because they have become standard doesn't mean they're the same company.

 

[Yossarian]

because visa is everywhere you wanna be.

 

[kt]

You haven't watched the Olympics commercial? They take nothing else but VISA! There's your freakin' difference!!

 

[Eli]

Originally posted by: Linflas

Originally posted by: Black88GTA
Ford/Chevy? AMD/Intel? Best Buy/Circuit City?

Without direct competition (Discover and AMEX don't count, since they're not nearly as widely accepted), there would be a monopoly, and MC/Visa (whichever one was left) would have free reign to jack up interest rates. charge higher fees, cut back on benefits, etc. because people wouldn't want to give up their cards.

All the examples you mention there are obvious differences for consumers to see. In the case of Visa/MasterCard there do not seem to be any discernable differences at the consumer level so I think the question is valid. Personally I have never been anyplace that does not take both if they take either one which is a clear difference to me between MC/Visa and all the other cards but that really does lead you to wonder what the difference between the 2 cards are other than name and ownership.

WTF are you talking about? lol...

Just because you don't actually know the differences doesen't mean they aren't there. It simply means you aren't informed.

To an uninformed(and admittedly pretty dumb....) person, there very well may be little difference between say, Honda and Toyota.

 

[tm37]

Originally posted by: Kelvrick
Hear about the thing between Walmart and Mastercard? Last I saw, Walmart wasn't all pissy at Visa.

Mastercards FEES for Check Cards are higher than VISA's